Commenting on the news that 59% of BP shareholders have voted against the remuneration report at today’s annual general meeting, Simon Walker, Director General of the Institute of Directors, said:

“How the board of BP reacts to this rebellion will determine the future of corporate governance in the UK. The shareholders have spoken, and BP cannot shrug of this significant expression of disapproval with the CEO’s pay package. British boards are now in the last chance saloon, if the will of shareholders in cases like this is ignored, it will only be a matter of time before the Government introduces tougher regulations on executive pay.”